Corihuarmi is an open-pit mine located nearly 5,000 meters above sea level, in the Andes Mountains of central Peru. It is a challenging environment, and our highly-dedicated work force has consistently exceeded all the challenges.
The Corihuarmi Gold Mine was built for $20 million and the capital investment was recovered during its first year of production.
It began production in 2008 and was forecast for only a four-year life of mine. The mine is now expected to close in 2018.
Corihuarmi has produced approximately 273,741 ounces of gold to the end of 2016, well above the initial life-of-mine production estimate of 112,000 ounces. An exploration drilling program of 3,062 meters is currently underway, aimed at extending the life of the mine even more.
We work closely with community leaders to develop programs that have improved the local quality of life, such as providing specialized training for employment opportunities. We have helped local entrepreneurs create new businesses that provide most of the goods and services for our projects. We have substantially improved health and education services in communities within the direct and indirect areas of influence.
The Corihuarmi project covers an area of 10,168.22 hectares and is host to an epithermal, high-sulphidation, disseminated gold system. Gold mineralization is coincident with a large zone of hydrothermal alteration that covers most of the property. The gold is most often associated with silicic and advanced argillic alteration, which is typical of high-sulphidation, disseminated gold systems.
In addition to the Diana and Susan deposits, the Corihuarmi Project has several prospective exploration targets, notably Cayhua, Ely (Extension to Diana), Laura and Tambo Nuevo, which are all in close proximity to the mine’s existing infrastructure.
With the exploration carried out in 2014 and 2016, we managed to convert these prospective areas into resources that go beyond 2018.
Currently (2017) we continue to drill and are very optimistic that we will discover mineable resources for up until Q4 2019.
Minera IRL has a wide range of highly successful community programs, ranging from building health facilities to helping grow organic vegetables.
Among the hands-on programs are workshops for producing arts and crafts in various communities of direct and indirect influence. The Company organizes year-round health campaigns, which include comprehensive medical examinations. Dental campaigns also take place in various rural communities, aimed at improving oral hygiene and general dental health.
Minera IRL also holds workshops and sets up pilot projects in order to improve agricultural output, including producing worm humus and raising guinea pigs and animal feed. There are on-going veterinarian examinations of domestic animals, and treatments to combat parasites, infectious and vitamin deficiency diseases for farm animals such as goats, sheep, alpaca, llamas and dairy cattle.
The Company helps improve local infrastructure, for example irrigation and community works projects. There is on-going support for cultural activities, including for cooking and folkloric contests.
Every year in December, we hold a Christmas campaign in a number of communities, where we have entertainment for all and deliver toys to a large number of children and youths, as well as distributing hot chocolate and Christmas cake to families.